Mubasher: Ahli United Bank (AUB) and Ahli United Bank - Kuwait (AUB Kuwait) are in negotiations with Warba Bank to sell their shares in Kuwait and Middle East Financial Investment (KMEFIC).

When a final agreement has been reached, it has to be approved by regulatory authorities, according to a statement to Boursa Kuwait on Sunday, which indicated that talks may or may not result in a final deal.

Combined, AUB and AUB Kuwait have a 74.3% stake in KMEFIC, while Bahrain’s AUB has a 67.33% stake in AUB – Kuwait.

In mid-January, KMEFIC announced that its 98.5%-owned subsidiary KFIC Financial Brokerage Co. had concluded a memorandum of understanding (MoU) with Middle East Financial Brokerage Company (MEFBC) concerning the possibility of a potential merger between the two companies.

KMEFIC is a public company, listed on Boursa Kuwait since July 1997, and operates within the diversified financials sector, focusing on asset management.

By 10:21 am Kuwait time, KMEFIC’s stock surged 11.11% to 51 fils, while Warba Bank went up 0.46% to 220 fils.

Meanwhile, Bahrain’s AUB’s stock was unchanged at 218 fils on Boursa Kuwait, whereas AUB – Kuwait’s stock levelled up 0.67% to 301 fils.